Oil spikes to 6-month high after Trump crackdown on Iran

Oil spikes to 6-month high after Trump crackdown on Iran
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Oil prices on Monday spiked to their highest levels since October after President TrumpDonald John TrumpWHCA calls on Trump to denounce video depicting him shooting media outlets Video of fake Trump shooting members of media shown at his Miami resort: report Trump hits Fox News's Chris Wallace over Ukraine coverage MORE announced the U.S. would not renew sanction waivers that had allowed eight countries to buy Iranian oil.
 
Brent crude rocketed past $74 a barrel, its highest point this year, and American consumers may soon see the price increase at gas stations nationwide.
 
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The administration's move was designed to ratchet up pressure on Iran almost a year after Trump withdrew from the 2015 nuclear deal negotiated by former President Obama.
 
After reimposing oil sanctions in November, the U.S. agreed to grant waivers allowing eight countries to continue buying Iranian oil: China, India, Japan, Turkey, Italy, Greece, South Korea and Taiwan.
 
The White House said Monday it had struck agreements with oil-producing allies such as Saudi Arabia and the United Arab Emirates "to take timely action to assure that global demand is met as all Iranian oil is removed from the market.”
 
Iran responded by threatening to close the Strait of Hormuz, which would affect the transport of oil, according to the semi-official Tasnim news agency.
 
The agency quoted Gen. Alireza Tangsiri, the head of the Iranian Revolutionary Guard saying, “If we are banned from using it, we will close it."